Daily Current Affairs 26 April 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Imposes Restrictions on Kotak Mahindra Bank Over Information Technology Concerns   

• The Reserve Bank of India (RBI) has, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards.
• The bank shall, however, continue to provide services to its existing customers, including its credit card customers.

Key Highlights :

• Reasons for the Restrictions:These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
• Serious deficiencies and non-compliances were observed in several areas, including:
• IT inventory management
• Patch and change management
• User access management
• Vendor risk management
• Data security and data leak prevention strategy
• Business continuity and disaster recovery rigour
• Corrective Action Plans and Compliance Issues:For two consecutive years, Kotak Mahindra Bank was assessed to be deficient in its IT risk and information security governance.
• During the subsequent assessments, the bank was found to be significantly non-compliant with the Corrective Action Plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the bank were found to be either inadequate, incorrect or not sustained.
• Conditions for Lifting Restrictions:The imposed restrictions will be reviewed after the completion of a comprehensive external audit, to be commissioned by the bank with prior approval from the RBI.

About Kotak Mahindra Bank Limited :

• Established : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani

National Bank for Agriculture and Rural Development launches Climate Strategy 2030 to drive green financing initiatives                      

• The National Bank for Agriculture and Rural Development (NABARD) unveiled its Climate Strategy 2030 document on Earth Day to address India’s growing need for green financing.
• The Climate Strategy 2030 document has been released by Shaji KV, Chairman of NABARD.
• Its main aim is to address India’s need for green financing.

Key Highlights :

• India’s Green Financing Gap : India requires approximately $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030 for green financing.
• As of 2019-20, India garnered about $49 billion in green financing, with most funds directed toward mitigation. Only $5 billion was allocated to adaptation and resilience.
• Private sector engagement in green financing is limited due to challenges in bankability and commercial viability.
• NABARD’s Climate Strategy 2030 is based on 4 key pillars:
  1. Accelerating green lending across sectors,
  2. Playing a broader market-making role,
  3. Internal green transformation, and
  4. Strategic resource mobilization.
• This strategy will make NABARD a pivotal player in India’s transition towards a resilient and sustainable economy.
• India’s Sustainable Environment Goals:India is the world’s third-largest emitter of greenhouse gases, after China and the United States.
• India’s ambitious targets include achieving 175 GW of renewable energy capacity by 2022 and 450 GW by 2030.
• India’s Nationally Determined Contribution (NDC) under the Paris Agreement aims to reduce the emissions intensity of GDP by 33-35% by 2030 from the 2005 level.

About NABARD :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Shri. Shaji K V
• It was established on the recommendations of Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

Indian Overseas Bank Plans to Raise Up to ₹5,000 Crore in Equity Capital for FY25                      

• Indian Overseas Bank (IOB) plans to raise up to ₹5,000 crore in equity capital in FY25 to comply with the Securities and Exchange Board of India’s (SEBI’s) minimum public shareholding (MPS) requirement.

Key Highlights :

• Compliance with SEBI’s Norms: The Securities Contracts (Regulation) Rules, 2018, mandate that every listed company must have at least 25% minimum public shareholding.
• As of March-end 2024, the Government of India holds a majority shareholding of 96.38% in IOB.
• Equity Issuance Plans:The bank intends to raise equity capital through various means, including follow-on public offer, rights issue, Qualified Institutional Placement (QIP), Employee Stock Purchase Scheme (ESPS), preferential issue, or any other mode or combination thereof
• The equity issuance will occur in one or more tranches within a 12-month period from the date of approval.
• Shareholder Approval:The plans for equity issuance require approval from the Indian government and shareholders, to be obtained through either an Annual General Meeting (AGM) or an Extraordinary General Meeting (EGM).
• Tier-II Capital Raise:Additionally, IOB plans to raise tier-II capital by issuing BASEL III Compliant tier-II bonds, up to ₹1,000 crore, depending on the requirement.
• This issuance may include a greenshoe option and will occur in one or more tranches within a 12-month period from the date of approval.

About IOB :

• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with

Reserve Bank of India’s Master Direction on Asset Reconstruction Companies to Take Effect from April 24,2024     

• The Reserve Bank of India (RBI) released a compiled master direction for the asset reconstruction companies (ARCs) raising the minimum capital requirement to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
• Notably, the RBI said that the regulation would be effective from April 24, 2024.

Key Highlights :

• ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
• ARCs must have Rs 200 crore by March 31, 2024 and Rs 300 crore by March 31, 2026. ARCs with a minimum NOF of Rs 1,000 crore can act as resolution applicants.
• ARCs may deploy funds for undertaking restructuring of acquired loan account with the sole purpose of realising dues in government securities and deposits with scheduled commercial banks, Small Industries Development Bank of India (SIDBI), National Bank for Agriculture and Rural Development (NABARD) or such other entity as may be specified by the RBI.
• These Directions have been issued in exercise of the powers conferred by Sections 3, 9, 10, 12 and 12A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002).
• No ARC shall invest in land or building.
• They can also invest in short-term instruments like money market mutual funds, certificates of deposit and corporate bonds/ commercial papers that have a short-term rating equivalent to the long-term rating of AA or above by an eligible credit rating agency (CRA).
• Such investments will be subject to a cap of 10% of the NOF of the ARC on maximum investment in such short-term instruments.
• Operational Guidelines : An ARC shall commence business within 6 months from the date of grant of CoR by the Reserve Bank. Reserve Bank may grant extension up to 12 months from the date of grant of CoR on receipt of the application from the ARC.
• An ARC may, as a sponsor and for the purpose of establishing a joint venture, invest in the equity share capital of another ARC.
• An ARC may effect change in or takeover of the management of the business of the borrower, where the amount due to it from the borrower is not less than 25% of the total assets owned by the borrower; and where the borrower is financed by more than one secured creditor (including ARC),  secured creditors (including ARCs) holding not less than 60% of the outstanding security receipts (SRs) agree to such action.
• ARCs shall, by transferring funds, invest in the SRs at a minimum of either 15% of the transferors’ investment in the SRs or 2.5% of the total SRs issued, whichever is higher, of each class of SRs issued by them under each scheme on an ongoing basis till the redemption of all the SRs issued under such scheme.
• Every ARC shall maintain, on an ongoing basis, a capital adequacy ratio of minimum 15% of its total risk weighted assets.
• Governance Requirements : No person shall continue as MD/ CEO or WTD beyond the age of 70 years.
• Within the overall limit of 70 years, as part of their internal policy, ARCs’ Boards are free to prescribe a lower retirement age.
• Tenure of MD/ CEO or WTD shall not be for a period of more than 5 years at a time and the individual shall be eligible for reappointment.
• However, the post of the MD/ CEO or WTD shall not be held by the same incumbent for more than 15 years continuously.

What is an Asset Reconstruction Company (ARC)?

• An ARC is a financial institution that buys the Non Performing Assets (NPA) or bad assets from banks and financial institutions so that the latter can clean up their balance sheets.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India’s Deputy Governor T Rabi Sankar Granted 1-Year Extension                              

• The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar for 1 year from May 3, 2024, to May 2025.

About T Rabi Sankar :

• Sankar joined the RBI in 1990 and worked in various positions at the central bank.
• He was appointed as the RBI Deputy Governor in May 2021 for a period of 3 years.
• He was Executive Director of the Reserve Bank before being elevated to the post of deputy governor.
• Additional Roles:
• Chairman, Indian Financial Technology and Allied Services (IFTAS).
• Member of the Board of Directors, ReBIT (Reserve Bank Information Technology Pvt. Ltd.).
• Member of the Governing Council, IDRBT (Institute for Development and Research in Banking Technology).
• From 2005-11, he served as a consultant for the International Monetary Fund (IMF), focusing on developing government bond markets and debt management.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar

Srei Infrastructure Finance Appoints Hardayal Prasad as Chief Executive Officer and Managing Director                      

• Srei Infrastructure Finance Limited (SIFL) has appointed Hardayal Prasad as its new Managing Director (MD) and Chief Executive Officer (CEO).
• This change in leadership comes under the new management of the state-owned National Asset Reconstruction Company Limited (NARCL).

About Hardayal Prasad :

• Prasad has over 36 years of experience in the banking sector, with significant assignments both in India and abroad.
• His previous roles include Managing Director & CEO of SBI Cards & Payment Services, and Managing Director & CEO of PNB Housing Finance.
• The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei Equipment Finance Company till RBI superseded their boards over alleged mismanagement in October 2021 and subsequently initiated IBC proceedings.
• However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.

About Srei Infrastructure Finance Limited (SIFL) :

• Srei began its journey in 1989 as an asset financing NBFC
• Chairman of the board of directors of SREI Infrastructure Finance : Hemant Kanoria
• SIFL is a financial institution providing a bouquet of services, which include construction and mining equipment finance, advisory and development solutions and insurance broking.

Bajaj Auto Announces New Leadership Team to Drive Technological Innovation

• Abraham Joseph has been appointed as the Managing Director of Chetak Technology Limited, a wholly-owned subsidiary of Bajaj Auto known for its pioneering work in electric vehicles (EVs).

About Abraham Joseph :

• With over 35 years of experience at Bajaj Auto, Joseph is set to play a crucial role in Chetak Technology’s transformation and growth.
• Abraham has been working with Bajaj Auto since July 1989.
• He started as a Graduate Trainee Engineer (GTE).
• In his most recent role, Abrahm served Bajaj Auto as the Chief Technology Officer.
• In addition to Abraham Joseph’s appointment as the MD of Chetak Technology Ltd., Bajaj Auto also announced the appointment of Ramtilak Ananthan as the Chief Technology Officer of Bajaj Auto Limited.
• With more than 30 years of experience at Bajaj Auto, Ananthan brings a wealth of knowledge in product development and testing.

About Bajaj Auto Limited :

• Founded : 29 November 1945
• Headquarters : Pune, Maharashtra, India
• Chairman, MD & CEO : Rajiv Bajaj

Papua New Guinea Names Colonel Edison Napyo as Its First Defence Adviser to India

• Colonel Edison Napyo has been appointed as the first Defence Advisor to India from Papua New Guinea (PNG).
• This is a key step towards improving defence cooperation between India and PNG.
• PNG’s acting Chief of Defence Force Commodore Philip Polewara gave Col Edison Napyo a farewell on April 17, 2024.
• Prime Mininster Shri Narendra Modi visited Papua New Guinea (PNG) in May 2023.
• He attended the third summit of the Forum for India Pacific Islands Cooperation (FIPIC).

Key Highlights :

• Establishment of Diplomatic Relations: Diplomatic relations between India and PNG were formalised in 1976.
• Recent Developments:In August 2023, the Prime Minister of PNG, James Marape, visited two Indian Naval ships that made a call at Port Moresby.

About Forum for India Pacific Islands Cooperation (FIPIC)

• Members: FIPIC includes Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of Micronesia, Nauru, Niue, Samoa, Solomon Islands, Palau, PNG, Tonga, Tuvalu, and Vanuatu.
• India’s Role in FIPIC: India is strengthening its engagement with Pacific Island nations through FIPIC, focusing on regional cooperation and partnerships.

About Papua New Guinea :

• Prime Minister : James Marape
• Capital : Port Moresby
• Currency : Kina

CURRENT AFFAIRS: AWARDS AND HONOURS

‘Sunflowers Were The First Ones To Know’ By FTII Student Selected At 77th Cannes Film Festival

• “Sunflowers were the first ones to Know”, a film by Chidanand Naik, a student of the Film and Television Institute of India (FTII), has been selected in the ‘La Cinef” Competitive section of 77th Cannes Film Festival, France.
• The festival is to be held from 15th to 24th May 2024.
• The section is an official section of the festival aimed at encouraging new talents and recognising films from film schools across the world.
• The film is among 18 shorts (14 live-action and 4 animated films) selected from a total of 2,263 films submitted by film schools all over the world.
• This is the only Indian film selected in ‘La Cinef’ section of Cannes.
• It is a story of an elderly woman who steals the village’s rooster, which throws the community into disarray.
• This is the first time a film by a student from a 1-year Television course has been selected at the prestigious Cannes Film Festival.
• This FTII film is a production of the TV Wing One-year program where four students from different disciplines i.e. Direction, Electronic Cinematography, Editing, Sound worked together for one project as a year-end coordinated exercise.

Renowned Bangladeshi Singer Rezwana Choudhury Bannya Receives Prestigious Padma Shri Award

• Bangladeshi Singer Rezwana Choudhury received the Padma Shri Award.
• Renowned Bangladeshi singer Rezwana Chowdhury Bannya received the prestigious Padma Shri Award.
• Droupadi Murmu presented the Padma Vibhushan, Padma Bhushan, and Padma Shri Awards for the year 2024 at the Civil Investiture Ceremony held at Rashtrapati Bhavan.
• She received the award for her contribution to the field of Art. She is a practitioner of Rabindra Sangeet.
• She sang “Vaishnav Jan To” to commemorate the 150th Birth Anniversary of Mahatma Gandhi.
• She runs ‘Shurer Dhara’, a prestigious music school in Dhaka. She has also written many books on Rabindra Sangeet.

Ratan Tata conferred with prestigious KISS Humanitarian Award by Achyuta Samanta

• Ratan Tata has received the KISS Humanitarian Award
• Founder of KIIT and KISS (Kalinga Institute of Social Sciences), Achyuta Samanta, presented the award during the award ceremony.
• Tata Group Chairman Chandrasekaran and three-time Grammy Award winner Ricky Kej attended the award ceremony.
• Tata’s receipt of the award was originally announced in 2021.
• However, it was delayed due to the COVID-19 pandemic.
• Ratan Tata is Chairman Emeritus of the Tata Group.
• He is a renowned industrialist and philanthropist.

About KISS Humanitarian Award

• The KISS Humanitarian Award was established in 2008 by Achyuta Samanta.
• It aims to acknowledge organizations and individuals that epitomize humanitarian work on a global scale.

CURRENT AFFAIRS: MOUS AND AGREEMENT

C-DOT and IIT, Jodhpur sign agreement for “Automated Service Management in Network of 5G and beyond Using AI”

• C-DOT, the premier Telecom R&D Centre of the Department of Telecommunications (DoT), Government of India and Indian Institute of Technology, Jodhpur (IIT-J) signed an agreement for “Automated Service Management in 5G and Beyond Networks Using AI”.
• The agreement is signed under the Telecom Technology Development Fund (TTDF) of the DoT, which is designed to provide funding support to domestic companies and institutions involved in technology design.
• The primary objective is to develop AI frameworks for automated network management, fault detection, and diagnostic techniques by utilizing continuous information generated within the network like 5G.
• C-DOT and IIT-Jodhpur reiterated that the successful completion of this project shall enable new use-cases in the areas of transportation systems, smart cities, and allow India in better contribution towards future 6G telecom standards.

DARPG signs MoU with Cambodia Ministry of Civil Service for cooperation in HR development

• The Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of Personnel, Public Administration and Pensions signed a Memorandum of Understanding with Ministry of Civil Service, Cambodia on cooperation in the field of Human Resource Development in Civil Service.
• The MoU advances the cordial and friendly ties between India and Cambodia in the field of Human Resource Development in Civil Service over the next 05 years.
• The MoU was signed by Excellency Mr. Hun Many, Deputy Prime Minister and Minister of Civil Service, on behalf of the Kingdom of Cambodia, and Dr. Devyani Khobragade, Ambassador of India to the Kingdom of Cambodia, on behalf of Government of India at a ceremonial function held in Phnom Penh.
• Senior Officials of Ministry of External Affairs, Embassy of India in Cambodia, Embassy of Cambodia in India and the Ministry of Civil Service of the Kingdom of Cambodia, Shri V. Srinivas, Secretary, DARPG, Shri. N.B.S. Rajput, Joint Secretary, DARPG and Shri Parthasarathy Bhaskar, Deputy Secretary, DARPG attended the ceremony from High Commission of India in London.

About Cambodia

• Phnom Penh is the capital and most populous city of Cambodia.
• The riel is the currency of Cambodia.

CURRENT AFFAIRS: RANKING AND REPORTS

TRAI releases “Indian Telecom Services Performance Indicator Report” for the Quarter October-December 2023

• The “Indian Telecom Service Performance Indicator Report” for the quarter ending December 31, 2023, was released by the Telecom Regulatory Authority of India (TRAI).
• In the total number of internet subscribers, the report shows an increase from 918.19 million in September 2023 to 936.16 million in December 2023, showing a quarterly growth of 1.96%.
• Of these subscribers, wired internet customers number 38.57 million, while 897.59 million access the internet wirelessly.
• The number of broadband internet subscribers reached 904.54 million by the end of December, compared to 885 million in September, showing a growth of 2.21%.
• During the period, wireline teledensity increased from 2.22% to 2.28%, showing a quarterly growth rate of 2.56%.
• Additionally, monthly average revenue per user (ARPU) for wireless services increased from Rs 149.66 in the September quarter to Rs 152.55 in the December quarter, showing a growth of 1.93%.
• On a year-on-year basis, monthly ARPU for wireless services grew by 8.09% during the quarter.

India pips China to become the largest electric 3W market globally in 2023

• India overtook China in sale of electric three-wheelers in 2023, at over 5.8 lakh units, according to a report by the International Energy Agency (IEA).
• Electric 3W sales grew 65 per cent year-on-year, with government financial incentives helping lower prices.
• In China, sales fell 8 per cent in 2023 to 3.2 lakh units, making it the second-largest electric 3W market.
• Globally, the 3W market expanded by 13 per cent in 2023, selling 4.5 million units, of which 21 per cent was electric, compared to 18 per cent in 2022.
• In India, despite being 55 per cent costlier than gasoline variants in 2023, the average electric 3W (autorickshaw) proves to be 50 per cent cheaper to own after eight years of service, and over 40 per cent cheaper even without subsidies.
• 3Ws with lead-acid battery remain popular in India and rural China as they are cheaper, commanding an estimated 55-98 per cent market share in India.
• 3Ws with Li-ion batteries are expected to gain ground in the Indian market with the introduction of the 2024 EMPS subsidy scheme, which favours vehicles with advanced battery chemistry.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Develops Lightest Bulletproof Jacket to Withstand Highest Threat Level 6 of BIS    

• A unit of the Defence Research and Development Organisation (DRDO) has successfully developed the lightest bulletproof jacket in the country for protection against the highest threat level 6.
• This jacket is based on a new design approach where novel material along with new processes has been used.

Key Highlights :

• DRDO’s Defence Materials and Stores Research and Development Establishment (DMSRDE), Kanpur has successfully developed the lightest bulletproof jacket in the country for protection against 7.62 x 54 R API (level 6 of BIS 17051) ammunition.
• This bulletproof jacket was successfully tested at TBRL, Chandigarh as per BIS 17051-2018.
• This jacket is based upon a new design approach, where novel material along with new processes have been used.
• The front Hard Armour Panel (HAP) of this jacket defeats multiple hits (06 shots) of 7.62 x 54 R API (Sniper rounds) in both ICW (In-conjunction with) and Standalone design.
• The ergonomically designed front HAP is made up of monolithic ceramic plate with polymer backing which enhances the wearability and comfort during the operation.
• The areal density of ICW Hard Armour Panel (HAP) and standalone HAP is less than 40 kg/m2 and 43 kg/m2

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: SPORTS NEWS

Saurav Ghosal Announces Retirement From Professional Squash, To Continue To Play For India

• Indian squash player Saurav Ghosal announced his retirement from professional squash.
• During his career, Ghosal won 12 Professional Squash Association (PSA) titles and multiple medals at the Commonwealth Games (CWG) and Asian Games.
• The 37-year-old was also a former top 10 athlete in world squash rankings, reaching the level in April 2019 and staying there for six months.
• He is also the only Indian man to enter the top 10 in the World rankings.
• The nine-time Asian Games medallist played a significant role in leading India to gold medals in the teams event at the 2014 and 2022 editions of the Asian Games.
• The PSA World Tour is a professional circuit for squash players, similar to the ATP and WTA in tennis and BWF in badminton.
• Ghosal’s final PSA title win was Malaysian Open Squash Championships back in November 2021, where he beat Colombia’s Miguel Rodriguez.
• He is also the first Indian male player to secure a CWG squash medal in a singles competition at the same event.
• He has also won the World Doubles Championships gold medal after partnering compatriot Dipika Pallikal Karthik in the mixed event at the 2022 Glasgow competition.

Novak Djokovic, Simone Biles, Aitana Bonmati, Jude Bellingham Among Winners At the 2024 Laureus Awards

• Novak Djokovic, Simone Biles, Aitana Bonmatí, and Jude Bellingham were honoured at the 2024 Laureus Sports Awards ceremony held in Madrid.
• The event was a grand celebration of the world’s best athletes and their achievements.
• Novak Djokovic, the world’s top-ranked tennis player, was named the Laureus World Sportsman of the Year for the fifth time, matching Roger Federer’s record for the most decorated male athlete in this category.
• Djokovic had previously won this award in 2012, 2015, 2016, and 2019.
• Bonmati became the first footballer to win the Laureus Sportswoman of the Year Award, after a golden year that included Liga F and Champions League titles with Barcelona, and a World Cup with Spain.
• USA’s Simone Biles, meanwhile, was honoured with the Laureus World Comeback of the Year Award.

Key Highlights

• Jude Bellingham won the Laureus World Breakthrough of the Year Award.
• Arisa Trew became the first female skater to win the Action World Sportsperson of the Year Award.
• The 13-year-old Australian made history in 2023 in becoming the first female athlete to land a 720 (two full rotations) in vert skateboarding
• Diede de Groot became the second wheelchair tennis player – after Esther Vergeer’s success in 2008 and 2002 – to pick up the Laureus World Sportsperson of the Year with a Disability Award.
• The Laureus World Sports Awards is an annual event that started in 2000. It celebrates great and inspiring sporting achievements and also showcases Laureus Sport for Good’s initiatives.
• Shortlists for seven categories, which include Sportswoman, Sportsman, Team, Breakthrough, Comeback, Action and Sport for Good, are created by votes from over 1,000 sports media from more than 70 countries.
• The Indian cricketer Sachin Tendulkar won the Laureus Sporting Moment Award (2000-2020).
• Neeraj Chopra, an Indian Tokyo Olympics gold medalist, is the third Indian after Vinesh Phogat and Sachin Tendulkar who was nominated for the Laureus World Sports Awards.

CURRENT AFFAIRS: IMPORTANT DAYS

World Intellectual Property Day 2024: April 26

• Every year April 26 is celebrated as World Intellectual Property Day to learn about the role that intellectual property rights play in encouraging innovation and creativity.
• Theme: “IP and the SDGs: Building Our Common Future with Innovation and Creativity.”
• World Intellectual Property Day 2024 recognizes the huge potential of young people to find new and better solutions that support the transition to a sustainable future.
• In 1883, the Paris Convention for the Protection of Industrial Property was signed which further established protection for intellectual properties.
• This was aimed to protect inventions, trademarks, and industrial designs.
• In 1970, the Convention establishing the World Intellectual Property Organization came to be known as WIPO.
• In 1974, WIPO became a specialised agency of the United Nations.
• WIPO helps in collaborating with the member states for the formation of laws, registration of intellectual properties and protection of intellectual properties.

Daily CA One- Liner: April 26

• “Sunflowers were the first ones to Know”, a film by Chidanand Naik, a student of the Film and Television Institute of India (FTII), has been selected in the ‘La Cinef” Competitive section of 77th Cannes Film Festival, France
• Bangladeshi Singer Rezwana Choudhury received the Padma Shri Award
• Ratan Tata has received the KISS Humanitarian Award
• C-DOT, the premier Telecom R&D Centre of the Department of Telecommunications (DoT), Government of India and Indian Institute of Technology, Jodhpur (IIT-J) signed an agreement for “Automated Service Management in 5G and Beyond Networks Using AI”
• The Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of Personnel, Public Administration and Pensions signed a Memorandum of Understanding with Ministry of Civil Service, Cambodia on cooperation in the field of Human Resource Development in Civil Service
• The “Indian Telecom Service Performance Indicator Report” for the quarter ending December 31, 2023, was released by the Telecom Regulatory Authority of India (TRAI)
• India overtook China in sale of electric three-wheelers in 2023, at over 5.8 lakh units, according to a report by the International Energy Agency.
• Indian squash player Saurav Ghosal announced his retirement from professional squash
• Novak Djokovic, Simone Biles, Aitana Bonmatí, and Jude Bellingham were honoured at the 2024 Laureus Sports Awards ceremony held in Madrid
• The Reserve Bank of India (RBI) has, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards.
• The National Bank for Agriculture and Rural Development (NABARD) unveiled its Climate Strategy 2030 document on Earth Day to address India’s growing need for green financing.
• Indian Overseas Bank (IOB) plans to raise up to ₹5,000 crore in equity capital in FY25 to comply with the Securities and Exchange Board of India’s (SEBI’s) minimum public shareholding (MPS) requirement.
• The Reserve Bank of India (RBI) released a compiled master direction for the asset reconstruction companies (ARCs) raising the minimum capital requirement to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
• The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar for 1 year from May 3, 2024, to May 2025.
• Srei Infrastructure Finance Limited (SIFL) has appointed Hardayal Prasad as its new Managing Director (MD) and Chief Executive Officer (CEO).
• Abraham Joseph has been appointed as the Managing Director of Chetak Technology Limited, a wholly-owned subsidiary of Bajaj Auto known for its pioneering work in electric vehicles (EVs).
• Colonel Edison Napyo has been appointed as the first Defence Advisor to India from Papua New Guinea (PNG).
• A unit of the Defence Research and Development Organisation (DRDO) has successfully developed the lightest bulletproof jacket in the country for protection against the highest threat level 6.
• Every year April 26 is celebrated as World Intellectual Property Day to learn about the role that intellectual property rights play in encouraging innovation and creativity.